Andhra Pradesh

Andhra Pradesh: Chits organiser ‘absconds’ with ₹7 crore dues

The Chittoor II-Town police on Tuesday booked a cheating case against a local chits organiser, Subramanyam (45), who reportedly went absconding a fortnight ago, after reportedly collecting about ₹7 crore from the public.

Circle-Inspector P. Yatheendra said that Subramanyam, of Bazaar Street, had been organising chits business unauthorizedly for the last decade.

As he gained public confidence over years, his business boomed with a large number of customers reaching him to float more chits. It was reported that the accused had started using the chit collections to purchase assets in recent years, the police officer said.

The public informed the police that he had kept the payments pending to them after completion of some chits involving crores of rupees.

Cautioning the public not to approach unauthorized chit organisers, Mr. Yatheendra said that in such cases, the organisers would resort to filing insolvency petitions. “In this case, a special party is formed to track down the accused. More victims are approaching us,” he said.

Meanwhile, Subramanyam had reportedly spread his business to Madanapalle, Piler, and other towns in Annamayya district as well.

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Printable version | Aug 11, 2022 8:56:23 am |